Question

There is free entry and exist of firms in imperfect competition.

Answer 1

Answer:

Freedom of Entry and Exit

In a perfect competition, every seller has the choice to enter or exit the industry. There are no barriers to their entry and exit. This characteristic ensures that there are no abnormal profits and losses in the long run.

Explanation:

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Answer 2

Answer:

No firm could recover its fixed cost; no entry could take place. In other words, the model of perfect competition simply breaks down. With imperfect competition, price stays above marginal cost. Multiple firms can enter the market, yet each makes a variable profit that covers its fixed cost.

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